VOLUNTEER SEARCH & RESCUE TAX CREDIT

SB 473 creates a New Mexico income tax credit for unpaid volunteers who assist in search and rescue operations. Taxpayers who volunteer at least six times (or 60 hours) in a year can claim a $500 credit, while those volunteering 12 times (or 120+ hours) qualify for $1,000. The credit requires certification from the state search and rescue resource officer, with a $3 million annual cap on total credits issued. The credit expires after 2035 and applies to taxable years beginning in 2025 or later.